12th Feb 2016
February 2016
Following on from the success of the pilot North East RGN growth programme, two new programmes of business support aimed at further strengthening the North East LEP rural economy over the period 2015/16 to 2019/20 have been developed.
The Strategic Economic Infrastructure Fund has been designed to stimulate investment in the development of business infrastructure in rural area. This includes premises for new micro enterprises, small firms needing move-on accommodation, and facilities for larger and growing businesses. It will also support investment in strategic tourism assets that will transform the quality and added value of the rural tourism economy (i.e. be identified as strategic priorities within the relevant area Destination Management Plan), as well as supporting infrastructure works needed to unlock employment development sites.
The fund is designed to stimulate investment in the development of business infrastructure in rural areas, including premises for new micro enterprises, small firms needing move-on accommodation, and facilities for larger and growing businesses. It will also support investment in strategic tourism assets, transforming the quality and added value of the rural tourism economy, as well as supporting infrastructure works needed to unlock employment development sites.
A new bidding round for the SEIF has just opened. For all general enquiries and any requests for clarification regarding the Fund please contact : Julie Bullen, North East Rural Growth Network Implementation Officer, email: julie.bullen@arch-group.co.uk tel: 01670 528476
The plan is to commit and spend £1.46m on projects that can substantially spend and deliver outputs in 2016/17 and fully complete by March 2018. Successful bids may claim for project costs after approval from 2016 to the end of March 2018
The deadline for Stage 1 applications is 12:00 noon 25th March 2016although applications can be submitted in advance of this.
The Rural Business Growth Fund supports businesses in rural areas with clear growth plans to access direct capital investment to expand productive capacity or diversify into new markets or products.
The overall Programme has secured £6 million Local Growth Funding and is designed to maximise and accelerate the growth of rural businesses by de-risking infrastructure and business capital investment projects that would not otherwise go ahead.
Due to high demand the Rural Business Growth Fund is now closed to further applications for 2016/2017. It is expected that funding will be available from April 2017 onwards and a further call for projects will be made in late autumn 2016 for this funding.